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First Street Manor 523-530 N 1st St 39 Unit Apartment Building $14,663,933 CAD ($375,998 CAD/Unit) 5.68% Cap Rate San Jose, CA 95112
EXECUTIVE SUMMARY
First Street Manor is an exceptional 39-unit apartment community located at 523-530 N First St in the thriving city of San Jose, California.
Situated on a parcel totaling 37,812 square feet, the subject property was originally constructed in 1948 and has a gross building area of approximately 18,320 total square feet, offering its tenants beautifully designed two-bedroom, one-bedroom, and studio floor plans. Residents at First Street Manor enjoy multiple convenient community amenities including an on-site laundry facility, private covered parking, secured gated perimeter and a secluded community courtyard area.
The subject property has also recently undergone extensive capital improvements such as a new roof installed in 2024, complete interior renovations for all units, and dual-pane windows throughout.
First Street Manor sits near Downtown San Jose and is within walking distance to the Target anchored San Jose Market Center, both being home to a myriad of dining, shopping, and entertainment options. The subject property also boasts convenient access to the San Jose Mineta International Airport (SJC). SJC is one of the busiest airports in all of Northern California serving millions of passengers every year to both domestic and international destinations.
The investment appeal of this asset is driven by San Jose's strong employment fundamentals and low vacancy levels. With a world class location the heart of Silicon Valley, First Street Manor presents an attractive choice for South Bay renters due to its close proximity to major employers, transportation corridors, shopping, dining and entertainment.
Situated on a parcel totaling 37,812 square feet, the subject property was originally constructed in 1948 and has a gross building area of approximately 18,320 total square feet, offering its tenants beautifully designed two-bedroom, one-bedroom, and studio floor plans. Residents at First Street Manor enjoy multiple convenient community amenities including an on-site laundry facility, private covered parking, secured gated perimeter and a secluded community courtyard area.
The subject property has also recently undergone extensive capital improvements such as a new roof installed in 2024, complete interior renovations for all units, and dual-pane windows throughout.
First Street Manor sits near Downtown San Jose and is within walking distance to the Target anchored San Jose Market Center, both being home to a myriad of dining, shopping, and entertainment options. The subject property also boasts convenient access to the San Jose Mineta International Airport (SJC). SJC is one of the busiest airports in all of Northern California serving millions of passengers every year to both domestic and international destinations.
The investment appeal of this asset is driven by San Jose's strong employment fundamentals and low vacancy levels. With a world class location the heart of Silicon Valley, First Street Manor presents an attractive choice for South Bay renters due to its close proximity to major employers, transportation corridors, shopping, dining and entertainment.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $14,663,933 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $375,998 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.85 AC |
| Cap Rate | 5.68% | Building Size | 39,631 SF |
| Gross Rent Multiplier | 11.97 | Average Occupancy | 95% |
| No. Units | 39 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1948 |
| Property Subtype | Apartment | Parking Ratio | 3.06/1,000 SF |
| Zoning | R3 | ||
| Price | $14,663,933 CAD |
| Price Per Unit | $375,998 CAD |
| Sale Type | Investment |
| Cap Rate | 5.68% |
| Gross Rent Multiplier | 11.97 |
| No. Units | 39 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.85 AC |
| Building Size | 39,631 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1948 |
| Parking Ratio | 3.06/1,000 SF |
| Zoning | R3 |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Heating
- Ceiling Fans
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Double Pane Windows
- Patio
SITE AMENITIES
- Courtyard
- Fenced Lot
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 28 | - | 310 - 650 |
| 2+1 | 12 | - | 700 |
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Walk Score®
Very Walkable (84)
Bike Score®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 249-43-042 | Total Assessment | $19,826,051 CAD (2025) |
| Land Assessment | $9,025,655 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $10,800,396 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
249-43-042
Land Assessment
$9,025,655 CAD (2025)
Improvements Assessment
$10,800,396 CAD (2025)
Total Assessment
$19,826,051 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
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First Street Manor | 523-530 N 1st St
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